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Tax compliance or jail

09 February 2021 | Tax

The claim that you or your clients were unaware of an aspect of South Africa’s complex tax regulation will not be enough to sidestep a hefty penalty or prison sentence. Each year National Treasury and the South African Revenue Services (SARS) issue amendments to the regulatory framework to address changing economic realities, improve administrative processes and plug loopholes. This year was no different with the 15 January 2021 assent to the Rates and Monetary Amounts and Amendment of Revenue Laws Act (Rates Act); the Taxation Laws Amendment Act No. 23 of 2020 (TLAA); and the Tax Administration Laws Amendment Act No. 24 of 2020 (TALAA). These Acts were promulgated on 20 January.

11 mistakes on your taxes that come with 2 years’ imprisonment

03 February 2021 | Tax

A new set of tax law amendments, signed by President Cyril Ramaphosa, and promulgated on 20 January 2021 has granted SARS all the legal fire power it needs to impose criminal sanctions on taxpayers who neglect their tax affairs.

SARS Pursues Non-Compliant Cryptocurrency Traders

02 February 2021 | Tax

With South Africa and the world at large facing an economic downturn as a result of various factors, not the least of which being the Covid-19 pandemic, SARS is on a mission to plug the existing gaps in tax revenue collection and compliance.